Search for Proton partner a complex process

KUALA LUMPUR, Feb 15 2017 : DRB-Hicom Bhd (DRB-Hicom) today reiterated that it would conclude and announce a decision a foreign strategic partner (FSP) for its wholly-owned carmaker, Proton Holdings Bhd (Proton), within the first half of this year.

“We will however endeavour to complete as early as possible.

“The search is complex and thus, a time-consuming process,” it said in a statement to clarify reports that suggested the search for a FSP would be finalised today.

Upon receipt of the bids, DRB-Hicom said it would start detailed negotiations with the bidders to ensure the key considerations of strategic, operational and culture fit are met by the potential FSP.

The conglomerate explained it would start the process for internal approvals, including convening a shareholders’ meeting; as well as, obtain necessary regulatory approvals and clearance that would pave the way for the selected FSP to acquire shares in Proton.

“We urge the public not to be misled by reports related to the FSP search. DRB-Hicom will make the proper announcement once this process is completed,” it added. – Bernama